1. Field of the Invention
This invention relates generally to incremental document endorsers, such as those products which process and endorse bank checks and similar items. More particularly, this invention relates to a document endorser which allows endorsement in a number of locations on a document, with each document receiving only a single endorsement as it passes through the endorser. The multi-position feature permits various parties handling a document to each endorse the document in a separate, discrete location.
2. Description of the Prior Art
Document endorsers are known in the prior art. Such products are typically utilized by banks to process and endorse bank checks. After a check is endorsed by the payee, the depositing bank will also place its endorsement on the reverse side of the check. As the check travels through the banking system to the bank of the payor, each subsequent bank will typically place an endorsement on the reverse side of the check.
Document endorsement typically occurs in the banking operation as a portion of a larger document processing operation. The endorsing bank will endorse the check during a handling operation that often includes microfilming of the check. In addition to microfilming, batches of checks may be indexed and an image mark may be placed upon the microfilm to assist later retrieval of the microfilm copy of the document.
As a result of the lack of uniform requirements for the location of each endorsement on the reverse side of the check, endorser machines of the prior art have typically located the endorser unit in a fixed center position. As the document travels through the process of microfilming and recording, the endorser unit places an endorsement in a central location on the reverse side of the check. At each of the various banks which endorse the same check, an endorsement is placed in approximately the same location in the center of the reverse side of the check. Consequently, when the check is finally returned to the payor's bank, the endorsements of various banks are often overlapping and illegible.
In response to this situation, the federal government has issued regulations mandating specific, discrete locations for particular bank endorsements. Under the new regulations, the reverse side of the check is divided into three portions. The size of each portion is dictated by the federal regulations. The payee's endorsement is permitted only in the left-hand portion of the reverse side of the check. The endorsement of the bank of first deposit is then permitted only in the center portion of the check. Any subsequent bank's endorsement is permitted only in the right-hand portion of the check.
Thus, in response to the federal requirements, there is a need for an endorser unit that will endorse in positions other than the conventional, central endorsement position. To facilitate compliance with the federal requirements, an endorser unit is needed that is capable of providing endorsements in separate, discrete locations and can print an endorsement that is limited to the particular location.
The endorser unit of the present invention is a response to that need. The endorser of the present invention permits endorsement in multiple, discrete positions and includes features that add to the flexibility and desirability of the system.